Xi Jinpings keynote speech at APEC CEO dialogue (Quan Wen)

 Xi Jinpings keynote speech at APEC CEO dialogue (Quan Wen)

Xi Jinping, President of the Peoples Republic of China

Dear friends from the industrial and commercial circles,

Ladies and gentlemen, friends

Novel coronavirus pneumonia is now facing a major global challenge. It is a great pleasure to meet you in video.

Human beings are in a special historical period. The novel coronavirus pneumonia epidemic worldwide has accelerated the evolution of the worlds great change in the past century. The world economy is in deep recession, and the global industrial chain and supply chain have been impacted. The deficit of governance, trust, development and peace is still expanding. Unilateralism, protectionism and bullying are on the rise, and economic globalization encounters a counter current, which aggravates the risks and uncertainties in the world economy.

At the same time, the theme of the times of peace and development has not changed, and cooperation in meeting challenges is the only choice for the international community. The epidemic once again shows that human beings share a common destiny, the interests of all countries are closely linked, and the world is an indivisible community of shared destiny. Whether it is to win the final victory of global anti epidemic or to promote the recovery of the world economy, the international community must work together to cope with the crisis. All countries should keep watch and help each other, help each other in the same boat, carry forward the spirit of partnership, strengthen policy communication and coordination, comprehensively deepen international cooperation in combating epidemic diseases, persist in building an open world economy, strive to overcome the epidemic situation as soon as possible, and strive to achieve strong, sustainable, balanced and inclusive growth of the world economy.

Since the beginning of this year, in the face of the sudden epidemic, China has adhered to the principle of putting the people first and life first, and 1.4 billion people are united as one. Great strategic achievements have been made in the nationwide fight against the epidemic. We coordinate the work of epidemic prevention and control and economic and social development, and work hard to restore production and living order. In the first three quarters, Chinas economic growth turned from negative to positive. This achievement is hard won and fully demonstrates the strong resilience and vitality of Chinas economy. The fundamentals of Chinas economic development have not changed. We are fully confident and able to maintain the smooth operation of the economy and achieve the goal of building a moderately prosperous society in an all-round way and winning the battle against poverty as scheduled.

Not long ago, the Fifth Plenary Session of the 19th CPC Central Committee deliberated and adopted the proposal on formulating the 14th five-year plan, proposing that the goal of building a moderately prosperous society in an all-round way will be realized as scheduled. Next year, China will embark on a new journey of building a socialist modern country in an all-round way. We will grasp the new stage of development scientifically, firmly implement the new development concept, and actively build a country with the major domestic cycle as the main body The new development pattern of internal and international dual circulation promoting each other. Our proposal to build a new development pattern is a strategic choice based on Chinas own development stage and development conditions and taking full account of economic globalization and changes in external environment.

First, we will seize the strategic basis point of expanding domestic demand and smooth the circulation of the national economy. In recent years, the development mode of Chinas market and resources abroad has quietly changed. The dependence on foreign trade has dropped from 67% in 2006 to nearly 32% in 2019, and the ratio of current account surplus to GDP has dropped from 9.9% in 2007 to less than 1% now. Since the international financial crisis in 2008, Chinas domestic demand has contributed more than 100% to economic growth in seven years. Domestic consumption has become the main driving force of economic growth. In the process of promoting economic dual cycle, Chinas economic autonomy and development quality have been significantly improved. The construction of a new development pattern conforms to the internal needs of Chinas economic restructuring and promoting high-quality development. We will continue to deepen the structural reform of the supply side, make greater efforts to expand domestic demand, make production, distribution, circulation and consumption more dependent on the domestic market, enhance the adaptability of the supply system to domestic demand, and form a higher level dynamic balance of demand leading supply and supply creating demand.

Second, we will vigorously promote scientific and technological innovation and create new driving forces for economic development. At present, the new round of scientific and technological revolution and industrial reform are accelerating development, and the contribution of science and technology to improving social productivity is more prominent. China insists on taking innovation as the first driving force for development, promotes the innovation driven development strategy, and has made remarkable achievements. With China entering a new stage of development, the factors supporting development have undergone profound changes, so we must realize the connotative growth driven by innovation. We will rely on the advantages of super large-scale market and complete industrial system, accelerate the transformation of scientific and technological achievements into real productivity, build an innovation system closely integrated with science and technology, education, industry and finance, and constantly improve the level of industrial chain, so as to provide strong support for Chinas long-term economic development.

Third, we will continue to deepen reform and fully stimulate market vitality. The practice of Chinas reform and opening up for more than 40 years shows that reform is the key to liberating and developing social productive forces. As China enters a new stage of development, reform is also facing new tasks. We will take greater courage and more measures to break down the barriers of deep-seated systems and mechanisms, and promote the modernization of the national governance system and governance capacity. We will continue to improve the ability and level of implementing the new development concept of innovation, coordination, green, open and sharing, change the development mode, promote quality change, efficiency change and power change, speed up the construction of a modern economic system, strengthen the protection of property rights and intellectual property rights, build a high standard market system, improve the fair competition system, and let the vitality of all kinds of market entities fully flow.

Ladies and gentlemen, friends!

u2014u2014Under the new development pattern, Chinas market potential will be fully stimulated to create more demands for all countries in the world. Chinas per capita GDP has exceeded 10000 US dollars, with more than 400 million middle-income people. Many international organizations predict that Chinas retail market will reach 6 trillion US dollars this year. The continuous development of Chinas economy and the Chinese peoples pursuit of a better life will produce more demands for more diversified and high-quality products, technologies and services from all over the world. Despite the impact of the epidemic, Chinas import volume of goods trade has basically returned to the level of the same period last year. In September this year, China International Service Trade Fair was held in Beijing, attracting 22000 enterprises and institutions from 148 countries and regions to participate in the fair online and offline. Not long ago, the third China International Import Expo was successfully held in Shanghai. Enterprises from 124 countries and regions participated in the fair. The exhibition area was further expanded, and the transaction volume was further increased to 72.62 billion US dollars. We will further reduce tariffs and institutional costs, foster a number of import trade promotion innovation demonstration zones, and expand imports of high-quality products and services from all countries. It is believed that with the continuous stimulation of Chinas market potential, it will provide broader market opportunities for all countries and provide a stronger driving force for the stable development of the world economy.

u2014u2014Under the new development pattern, China will further open its door to the outside world and share development opportunities with other countries. Opening to the outside world is Chinas basic national policy and will not waver at any time. Since the beginning of this year, in the face of world economic instability and uncertainty, and the spread of unilateralism and protectionism, Chinas opening-up has not stopped, but has also launched a series of policies and measures to expand the opening up, including fully implementing the foreign investment law and its implementation regulations, further reducing the negative list of foreign investment access, steadily promoting financial market access, and introducing Hainan The overall plan for the construction of a free trade port, strengthening the reform and opening-up measures of Shenzhen and Pudong, and deepening the innovative development pilot of service trade, etc. I would like to reiterate that Chinas determination to open up to the outside world is unswerving, and the door to opening up will be wider and wider. We will continue to promote trade and investment liberalization and facilitation, sign high-standard free trade agreements with more countries, actively participate in bilateral and multilateral regional investment and trade cooperation mechanisms, and build a higher level of open economy. We will improve the management system of national treatment plus negative list before the entry of foreign investment, protect the legitimate rights and interests of foreign-funded enterprises in accordance with the law, orderly expand the opening up of service industry to the outside world, and continue to create a market-oriented, legalized and international business environment. We will give the pilot Free Trade Zone greater autonomy in reform and build a new highland for opening up. At the same time, we will continue to firmly support the multilateral trading system, participate more actively in the reform of the global economic governance system, and promote the establishment of a more equitable and reasonable international economic governance system.

u2014u2014Under the new development pattern, Chinas foreign cooperation will continue to deepen and achieve mutual benefit and win-win results with other countries in the world. We will actively participate in the international division of labor, more effectively integrate into the global industrial chain, supply chain and value chain, and more actively expand foreign exchanges and cooperation. We will actively cooperate with all countries, regions and enterprises that are willing to cooperate with China. One belt, one road, one side, one way to build a high quality and one side road, and to promote the docking of development strategy and interconnection planning among all countries and regions, and strengthen policies, rules and standards. We must cooperate with one another to build one belt, one road, the road of cooperation, the road of health, the road of recovery and growth, and strengthen cooperation in green development, so as to contribute to the common development of the world and the building of the community of human destiny.

Ladies and gentlemen, friends!

Asia Pacific is our common home. It is in our common interests to maintain peace and stability, promote development and prosperity in the Asia Pacific region. Countries in the Asia Pacific region have the advantages of close personnel exchanges as well as geographical advantages of cross ocean exchanges. We follow the law of the market, seize the opportunities of economic globalization and regional economic integration, and lead the way in world economic growth. The development of the Asia Pacific region and the deepening of regional economic cooperation are of profound historical inevitability, in line with the wishes of the people of all countries in the Asia Pacific region, and will continue to show strong vitality.

Last year, I proposed to build an Asia Pacific Community of shared destiny featuring openness, inclusiveness, innovative growth, connectivity, and win-win cooperation. This year, with the participation of all parties, APEC has formulated a grand vision after 2020, which provides important guidance for Asia Pacific Economic Cooperation in the future. We should deepen the sense of community of common destiny, continuously promote regional economic integration, accelerate the pace of innovation and development, promote regional connectivity, realize inclusive and sustainable development, and turn the vision into reality step by step, so as to benefit the people of the Asia Pacific region.

The Asia Pacific business community is an important force in leading and promoting economic growth. You are not only contributors and witnesses to the achievements of Asia Pacific Development and cooperation, but also the builders and beneficiaries of the future development of the Asia Pacific region. Today, the world is facing more complex and diverse challenges, and Asia Pacific Cooperation has entered a new historical stage. The business community needs a more open pattern and a stronger entrepreneurial spirit. I believe that this will bring you broader development space. We hope that you will be the promoters of open development, promote trade and investment liberalization and facilitation, maintain the security and stability of the Asia Pacific industrial chain and supply chain, and promote the Asia Pacific economy to take the lead in recovery and prosperity. We hope that you will be explorers of innovation and growth, and boldly promote organizational innovation, technological innovation and market innovation, so as to make the Asia Pacific a fertile land for science and technology and a highland for innovation. We hope that we can become mutually beneficial and win-win cooperators, tap the potential of cooperation, and make a bigger cooperation cake for the benefit of people of all countries. I hope that you will be practitioners of social responsibility, actively participate in international anti epidemic cooperation, pay attention to and help vulnerable groups, and inject more positive energy into global development.

The epidemic will be over and victory will come. Lets join hands, stand together in the storm and help each other, adhere to open cooperation, smooth internal and external circulation, and jointly create and share a better future for the Asia Pacific region and the world!